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Bitcoin (BTC/USD) Vulnerable to a Break of $57-60K SupportAfter a torrid rally though most of Q4 2023 and Q1 2024, Bitcoin has lost its upside momentum over the last 3+ months. Since then, the cryptocurrency has carved out a broad range between $57-60K on the low side and the all-time high near FWB:73K on the topside. As traders price in the potential selling of long locked-up supply from the Mt. Gox, BTC/USD could see the bottom of that range come under increasing pressure as we move into July. A confirmed break of $57K would take Bitcoin’s price notably below the short- and medium-term buyers cost basis and could lead to a deeper retracement toward $50K or lower as we move through the summer. For now, a neutral bias is appropriate, but the risks to the downside are growing rapidly. -MW
FOREXCOM:BTCUSD
by FOREXcom
Bitcoin (BTC): is local bottom achieved?The Bitcoin (BTC) price registered a sharp drop on Monday, falling to $60,330. The asset faced considerable selling pressure as sellers pushed the price as low as $58,474, shown by the long tail on the candlestick, indicating strong buying below $60,000. However, buyers were able to prop the price back above $60,000. Analysts expect bulls to be quite active between $56,500 and $60,000. This is because if BTC falls below this level, we could see a slide down to $58,000, where the 200-day SMA could prop up the price. If this level is breached, BTC could drop to $55,000. As seen in the price chart, BTC has strong support at $60,000. This support held on Monday, and BTC made a relatively strong recovery on Tuesday, rising by 2.52% and moving to $61,848. Buyers attempted to push BTC above $62,000, with the price reaching a day high of $62,458 before dropping to $62,458. Wednesday saw sellers back in control as BTC dipped below $61,000, dropping to $60,854 after a drop of 1.61%. The current session sees BTC up marginally as buyers and sellers look to assume control of the session. Looking at technical indicators, we can see the RSI is close to the oversold region, which could indicate a bullish reversal in the near future. If BTC is able to recover, It will first target the $62,000 level. Should BTC surpass this level, we could see a climb to $65,000, which is a key resistance level. If Bitcoin is able to break and close above $65,000, we could see a rally to $70,000.
WHITEBIT:BTCUSD
by paul_endeo
BITCOIN'S ULTIMATE PARABOLIC CURVE — EYEING $181,267.00The Parabolic Curve often emerges near the culmination of a major market surge, marking the end result of numerous base formation breaks. Your support means the world, so smash that like button to keep the motivation flowing! 💙💛 The Parabolic Curve patterns are commonly observed in growth stocks with innovative products, groundbreaking technology, novel business models, or visionary leadership. Typically, these assets represent market leaders — like Bitcoin for crypto. 💡 At the pivotal point of Base 3, symbolized by the "X" on the chart and situated at $25,700, Bitcoin is poised for a potential doubling in the shortest timeframe. This pattern's hallmark is its staircase-like formation, creating short-term price range bases before catapulting to new highs, repeating the cycle multiple times in its ascent. I've conducted a detailed analysis using Fibonacci tools and Elliott Waves, projecting Base 4's estimated range between the $60,000 resistance and $46,700 support. Additionally, considering Fibonacci extensions and channels, the SELL POINT for the parabolic move is anticipated at range between $149,175 and $181,267.00 This parabolic curve, reminiscent of a rocket's trajectory, can endure for weeks or even months. However, caution is warranted as the pattern nears completion. The culmination of the rapid upward momentum often concludes abruptly, plunging in price even faster than its ascent.
Long
by ArShevelev
20
Important Weekly Update on Bitcoin.BTC Update in Weekly Timeframe. Chart Analysis Date: June 27, 2024 Pair: BTC/USDT (Binance) Timeframe: 1W (Weekly) Current Price: $61,125.21 Analysis: BTC/USDT is maintaining the $60k to $61k support range, which is crucial for continuing the bullish trend. A breach below this range could lead to increased selling pressure and a potential test of lower support levels of $44k to $47.5k. Conversely, if BTC holds this support and bullish momentum resumes, we could see a move toward the channel's upper boundary, targeting prices near $100k within this year. Key Observations: ~ Current Support: $60k to $61k. ~ Lower Support: $44k to $47.5k. ~ Price target by 2024: $100k. Conclusion: BTC must maintain the $60k to $61k support range to continue its bullish trend. A failure to hold this range may lead to a deeper correction. Eventually, BTC will rally $100k soon. If you find this post interesting then like, share, and comment. Regards, Team Dexter. Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. #BTC #cryptocurrency
Long
by Dexter_The_Trader
4
Back at the 100x longIt looks like btc is bouncing off key support at 56500-59500 usd. Key resistance is now at 72-74k. It has stayed in this trend from going in between these zones since late February (last 4 months). The RSI was also oversold at both 4H and daily. We are now looking for the MACD to flip bullish at higher timeframes 4H-1D (it is already bullish at 1H). When btc confirmed support (looking to at least get a bounce) and broke out of the downward sloping trend. I went in with a 100x long. The trade has been made risk free and I will move my stop loss into more profits (usually under the last bottom) as prices keep rising. Btc and the S&P500 index is also related and the S&P500 index is reversing and has some nasty gaps to fill. I predict that this index will get a correction of at least 7%. This is bullish for bitcoin! But let me tell more about the current trade. The worst possible scenario at the time of writing is that I get a 152% ROI and the best that can happen is that I make a 2000% ROI. This is a good position to be in if you ask me. I will make money regardless!
Long
by Madmantrades
2
BITCOIN ( BULLISH ) ( 4H )BITCOIN HELLO TRADERS TODAY, the price stable turning level , price of the bitcoin will attempt to touch a support trendline Tendency the price is a bullish pressure in 60,195 TURNING LEVEL : the price turning level at 60,195 , price braking below this level it becomes reach a support level , but if stable above this level active bullish area RESISTANCE LEVEL: if the price stable above turning level at 60,195 , the price will rise to 62,677 and 64,089 , stable this level reach to 66,529 SUPPORT LEVEL : the price breaking turning level 60,979 , it will reach the support level of 57,390, stable this level reach to 55,740 CORRECTIVE LEVEL : price will 60,195 , correct itself before long ------------------------------ * Thank you , if you support this idea with your likes and comments , I hope you a profitable day🤍🤍🤍🤍🤍
BITSTAMP:BTCUSDLong
by ArinaKarayi
Bitcoin to $100kIn October 2025, I think Bitcoin will hit $100k before retracing back to around the $60k mark (previous highs become new resistance). Over the last few cycles, we can see a pattern form -- highlighted by the coloring of the squares that make up each period in the cycle. There are three such periods. The purple box is the draw-down from the previous high a.k.a. the fear cycle. The yellow box is mid-cycle, where buying pressure starts building and we have several large shorter-term retracements. The green box is the greed cycle -- when everyone and your grandma wants in. We're still in the yellow, which means there's a strong possibility of returning to the $50k or even $40k levels in the shorter term. I predict the top of this bull run will be somewhere between mid-October to mid-November 2025, which means there is still plenty of time to keep buying. Good luck!
BITSTAMP:BTCUSDLong
by rogomezpalacio
Bitcoin will rise as the dollar descendsBitcoin will go a little lower until next week, then start to rocket again since USDJPY will be capitulating and that will force inflation to resurface. Inflation also means excess liquidity which is what bitcoin is, and is highly correlated to the nasdaq. I give it till summer when the BOJ pulls the plug and the FED is forced to hike rates again. This will force the dollar TVC:DXY to go 140+ and along with it a deflationary spiral that will call this the Greatest Depression. This will blow up all the other currencies leaving the dollar for last. It is then from the ashes of everything the FED and central banks will usher in negative interest rates to "rebuild society" using social credit scores like the movie Demolition Man. If Trump gets elected and not assassinated or arrested, then he will ban the dollar CBDC and go back to a gold standard. Then you will see bitcoin launch ahead of the old dollar and hold its own with the new gold backed dollar. If Biden gets reelected CBDC's will happen here in America and bitcoin and gold will go to the moon either way.
BITSTAMP:BTCUSD
by EmptyEternity
Bitcoin Entering A Large Demand Zone- Bounce or Break Down?Hey everyone! It's been a while since I have posted some technical analysis as I have been taking a bit of a break from the markets. But now I am back in the game, it's time to get back to some good ole charting! So now that I am back on that BTC trading grind, it's time to get back to some TA posts. Bitcoin has been getting pretty hammered for a while at this point. BTC's price is hitting into a large demand zone in the 58K-60K range. We haven't broken the 60K price range yet, and we are showing some oversold conditions with momentum pretty much in the toilet. The next big demand zone below where we are now is in the 40K range, but I highly doubt that we will break down that low. It's absolutely possible though, so if I were you, I would be safe guarding my stacks until we know for sure, but of course, this is not financial advice. My play is to day trade futures and then stack some cheaper on-chain BTC while the prices are low and lowering average DCA price. I will keep stacking like this until we break above 74K, then I will hold what I have until we top out for the cycle and trade into stablecoins to ride the wave down. Be watching for a bounce at or around this level, it could be a good chance to go long and make some good profits. Of course on the flip side, we need to be watching for a break down below this zone. If that happens, I am going to be looking at 40K for the next stop as there really isn't much market support below the level we are in now. Do you think the Wall Street players and their ETFs will let Bitcoin go below 58K? Would love to know your thoughts in the comments!
COINBASE:BTCUSD
by thelogicaldude
Bitcoin Market Update - June 24, 2024Bitcoin's Weekly Candle closed bearish, opening at $66,676.88 and closing at $63,210.01 - a decline of -5.20%. This is Bitcoin's second negative close in a row. Bitcoin Weekly Chart w/ Indicators Volume Profile Analysis shows that Bitcoin has reached the bottom zone of the High-Volume Node we have been ranging in since achieving a new All-Time High in March. A Low-Volume Node lies below us, stretching from approximately $60,823 to $52,581. As we have seen many times, price moves quickly through Low-Volume Nodes to seek liquidity in High-Volume Nodes. Thus, a descent into the LVN would shatter any expectations of support until the $52,000 zone. There are small bumps within the Volume Profile, giving potential Take Profit Targets for short positions or potential bounce zones for quick counter-trend Longs at $59,210 and $57,025. Price is currently testing the Weekly 21EMA, which served as Support on our last encounter with it the week of April 29th. Following that test, Bitcoin was able to rally approximately 27% to form a higher low within the range. The Weekly Volume Delta Indicator also shows that while Sell Volume has been and is still dominant, that Delta is decreasing, meaning that Buys were more prominent last week than the week prior. With a fresh weekly candle, this is a metric I will watch closely to gauge the potential for a reversal in price. Bitcoin 3D Chart Bitcoin's 3D chart gives us more clarity. Volume Delta has increased over the last three candles, culminating with the highest sell pressure we've seen in over a week. This occurs as we test the 3D 55EMA, which similar to the Weekly 21EMA, resulted in a 27% bounce the last time we came close. 3D Time Transformation is very close to the oversold level, and we are lower than the last registered low of TT on this timeframe back in January of 2024, which was the bottom of the Opening Year Slump. High sell volume coming into an area of Support often results in temporary reversal of price. Bitcoin Daily Chart The Daily Chart shows us in very close proximity to the 200 DEMA, a level that has not been tested at all this Bull Run. Volume Delta shows overwhelming sell pressure that we have not seen since the last "bottom" on May 01 of this year, which again, resulted in a 27% bounce. Time Transformation is oversold to a degree that we have not seen since the previous Market Cycle Bottom in August of 2023. Bitcoin 4H Chart Moving down to the 4H Chart, relevant points are that Time Transformation is oversold, and the previous 4H candle registered such high sell volume that we haven't seen since June 07, which was the Bearish Engulfing candle that began this current downwards trend. Tether Dominance Chart Moving to USDT Dominance, we can see that on the Weekly Chart, USDT Dominance is in the process of confirming a Double-Bottom (higher low) or W Pattern, if this Weekly Candle closes at the same price of higher, that will be a successful close above the neckline, and potentially a close back above the 200 WEMA as well. This successful completion would move USDT Dominance back up to 6.0-6.5% of the total crypto market cap, and serve as a much broader warning for a more-pronounced market correction. Bitcoin Exchange Flow cdn.prod.website-files.com Looking at Exchange Flow, we can see that last week Exchange Inflows dominated, however they decreased in strength as the downtrend progressed. Saturday witnessed a net outflow of Bitcoin, and Sunday saw a very mild inflow of Bitcoin to exchanges. Bitcoin Miner Net Position Change cdn.prod.website-files.com Miners are still selling, however they have begun to decrease their selling volume. This trend has historically led to short-term reversals in Bitcoin's price. Bitcoin HODLer Cohort Net Position Change cdn.prod.website-files.com The HODLer cohort is also selling, and this trend has not slowed. Conclusion In conclusion, although short-term price action indicates we have reached an important level of support where selling pressure seems to have reached a climax, there is insufficient buying pressure from the HODLer cohort or clear signs of bullish conviction to justify spot entries into Bitcoin at this point. Investors should continue to sit in cash, and await more lucrative buying opportunities, and traders should wait for more clear signs of a potential reversal before entering long positions.
CRYPTOCAP:USDT.D
by CrackingCryptocurrency